top

HSBC illegally sheltered cash for wealthy and corrupt.

Leaked documents show HSBC laundered and hid upwards of $100 billion, some of which was very dirty money indeed. HSBC is of course shocked it could have done such a thing. Brit politicians blame scalliwags in the other party for not enforcing laws but really it’s pot, kettle, black. Both parties are equally at fault for allowing it. Oh, your favorite pop star or celeb might be among those who hid money from the tax man, along with drug cartels and other assorted low life.

In a world where laws were actually enforced and corruption not permitted, HSBC would be shattered into pieces and those responsible for money-laundering would be imprisoned.

Secret documents reveal that global banking giant HSBC profited from doing business with arms dealers who channeled mortar bombs to child soldiers in Africa, bag men for Third World dictators, traffickers in blood diamonds and other international outlaws.

“We acknowledge that the compliance culture and standards of due diligence in HSBC’s Swiss private bank, as well as the industry in general, were significantly lower than they are today.”

The written statement said the bank had “taken significant steps over the past several years to implement reforms and exit clients who did not meet strict new HSBC standards, including those where we had concerns in relation to tax compliance.